In October, viewers streamed more than 700 million hours of podcasts on their living room devices, nearly double the amount of time in the same month a year ago. — Reuters
People are spending more time tuning in to podcasts on Alphabet Inc’s YouTube, and increasingly they’re turning to the biggest screen in their homes: the TV.
In October, viewers streamed more than 700 million hours of podcasts on their living room devices, nearly double the amount of time in the same month a year ago.
"The living room just continues to be this amazing bright spot in terms of consumption,” said Steve McLendon, head of product for podcasts at YouTube, in an interview. "We knew video would be big for podcasting but it continues to surprise us how big it is.”
The company invested in tools for discovery and search, particularly for TVs, which propelled this growth, McLendon said. At the same time, people are shifting their viewing habits and turning more frequently to YouTube over competitors from cable to streaming, he said. In November, YouTube garnered 13% of TV viewing across streaming platforms, according to Nielsen, the most of any service including Netflix Inc. Broadcast viewing accounted for 23% of all viewership.
McLendon suggested people tune into podcasts in place of daytime or late night TV.
"With podcasting and YouTube and discovery on television, there is no limit to potential late night shows,” he said.
TV has historically belonged to high-budget productions from streamers and cable networks, not the free, user-generated content YouTube is known for. But that’s been changing. YouTube is increasingly dominating all forms of media consumption and video is increasingly dominating the podcast formula. This shift is occurring as traditional TV is seeing viewership decline, potentially leaving ad budgets and audiences up for grabs.
In response, streamers and social platforms have stepped up their efforts to take on YouTube’s living room advance.
Spotify Technology SA launched a new partner program for video podcasters, offers support for music videos, and in October debuted a revamped Apple TV app.
This week, Meta Platforms Inc’s Instagram debuted a Fire TV app that will play short-form clips, and Netflix announced new deals with podcast networks, including iHeartMedia Inc, to bring shows exclusively to the service. Notably, the programs will have to cease publishing full episodes to YouTube.
"This is not the first time we’ve seen creators look to diversify their businesses across streaming services,” McLendon said about the string of deals, adding that it’s a sign of success for both YouTube and its creators when new opportunities come up. – Bloomberg
